Banking

Climb Credit Union CD Rates

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New Climb Credit Union CD Rates I don’t normally go chasing CD rates all over town, but I happened to stumble across a webpage / ad that had these on it. Typically, credit unions offer “special” rates as a way to compete with other institutions and interest bearing accounts without having to increase their cost of deposits as much by paying everyone higher rates. These odd-terms are the secret sauce. A 7-month CD renews as a standard term, and standard interest rate 6-month CD. And, of course, current CD account holders will find their 6-month CDs and 12-month CDs rolled over to their corresponding base CD rates of 3.80% and 3.70% respectively. Essentially, the set-it-and-forget types who don’t pay attention to their money or what it is doing will earn the lower rates. Otherwise such specials put the credit union out of balance with income and expenses. Notice also the fine print on that 4.50% for 25 months CD. Follow that tiny 1 to the bottom of the page and you’ll see that the 4.50% rate only applies to “new money,” as in money that is not already on deposit at the credit union. Rates like that are designed to …

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8 Biggest Credit Unions in Colorado

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For most people, a credit union offers a better banking platform than a traditional bank. Here are the biggest credit unions in Colorado to get you started. Remember, bigger is not always better and smaller Colorado credit unions might offer better value for your situation. There are over 100 credit unions service Colorado, so there is sure to be one that suits your banking needs. CD Rate Specials Are Back Credit unions, like banks, need to balance their deposits against their loans. When loan activity increases faster than deposits, credit unions often turn to CD specials to improve their ability to attract new deposits. And, when things are going good, people tend to tap those home equity loans for summer projects like a new deck, or updated kitchen. More loan dollars requires more deposit dollars and BOOM, rate specials. People who might not normally bother joining a credit union change their tune when they can pick up a sweet CD rate instead of resigning themselves to a measly 3%. When loans are high (here come the profits) credit unions don’t mind the rate shoppers so much. These big Colorado credit unions are offering those specials now as we head into …

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Marcus High Interest Savings Account Review

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Update: As of January 2024, the current interest rate Marcus accounts is 4.50% Update: As of July 2024, the interest rate on the Marcus High-Yield Savings Account is 4.40%. Update: As of 10/11/24, the interest rate on Goldman Sach’s Marcus High-Yield online savings account is now 4.10% after recent rate cuts by the Fed. High Yield Savings Worth It Again After a few years decades of the Fed running along with near zero interest rates yielding high-yield savings account earning only a few cents more, online high yield savings accounts are back. With interest rates up over 3% for the first time in a long while, watching that monthly interest payment hit is a whole lot more fun now. As someone a little older and with more finance experience the return to 6% mortgages and savings accounts paying at least a few percentage points feels like normal. However, it’s been over 20 years since the Fed Funds rate was this high, so this might all be new to you if you are in your 30s, or younger. While the cost of your borrowing has gone up, whether it’s mortgages, credit cards, auto loans, or personal loans, taking out a loan …

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Westerra Goes Big (For a Little)

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9 percent cd credit union financegourmet.com

The main credit unions in Colorado have left behind the days where marketing meant sitting there, serving your customers well, have lower fees, and higher interest, and waiting for the smart, financially savvy people to find you on their own. Well, that, and collecting new employees at the companies they started out servicing. Today’s credit unions are willing to put some effort into finding new members and making sure you find them. Westerra Credit Union 90th Anniversary CD Westerra has been around since 1934, which is bonkers. I didn’t even think they had credit unions by then. Be that as it may, the company is making a splash with an outlandish 5-month 9.0% APY CD. Of course, 9% comes with some fine print. In this case, the CD has a maximum deposit of $3,000 and those funds have to be new money to the credit union. Still, 9% on $3,000 is a lot better than 2.5% on $3,000 in some savings account, or even 4.5% in an online high-yield savings account. And you get local, physical locations to go with it just in case you ever need to talk to someone in person, get a cashier’s check, or even get …

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Venmo Debit Card Review

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I resisted the various cash transfer apps for as long as a could. My primary issue was always security, and judging by the number of people who end up calling, crying and trying to get their money back, that wasn’t unfounded. But time marches on, and it turns out that, used properly, services like Venmo, Cashapp, and Zelle can actually be easier, better, and more efficient than the old, “I’ll get you next time.” It also eliminates the need to carry around smaller bills just in case you need to break a twenty in order to pay for something with friends. However, just because Venmo is a good idea, doesn’t mean that a Venmo debit card scam isn’t in the offing. So, let’s do a Venmo debit card review to make sure no one is getting cheated by Venmo, and answer is the Venmo debit card good. Venmo Debit Card Review Basics How To Get a Venmo Card Venmo offers both a debit card and a credit card. To get a Venmo debit card you simply request one within the Venmo app or click the button on the Venmo debit card email they send out to verified Venmo users. Do …

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Is Zelle Scam or Legit? A Zelle Review

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You may have seen the commercials for Zelle, the payment app. They aren’t very specific about what Zelle does, or how it does it. Questions that may pop into your mind are things like, how does Zelle work? Is Zelle legit, or a scam? Why would I bother to use Zelle? Is Zelle safe? You might even have Zelle through your bank without even asking for it. Time to check out some Zelle reviews. If you already use a payment app, your questions are probably more like, is Zelle better than Venmo, or is Square Cash better than Zelle? It’s time for our Zelle review. Soon we’ll have a look at Zelle vs Venmo. Zelle Reviews Zelle is actually two products from the same company. One version of Zelle is the behind-the-scenes payment system backed by, and used by, several American banks inside of their own banking apps. This is the part that the commercials claim is “already on your phone,” or “already in your banking app.” Since Zelle works directly with various banks, they play nicer with Zelle than with others including transferring money with no fees and allowing “instant” transfers and withdrawals. Check out my Acorns app review …

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SoFi Review – Legit, Scam, Worth It?

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What Is SoFi? In this SoFi review we will take a look at what SoFi offers and the pros and cons of SoFi. We’ll see is SoFi legit, or is is SoFia scam? SoFi, like most other niche financial services companies, is expanding. It turns out that once you get a foothold, and a few developers working full-time for you, cranking out “disruptive” finance services is easy. SoFi has a wide array of financial products including loans, banking, investing, and more. Most of SoFi money is legit, but whether it’s better than others is the key. SoFi Loans First, SoFi was a lender. If you scroll to the bottom of their webpage, you’ll see in the fine print that officially, SoFi (the lending part) is SoFi Lending Corp. NMLS #1121636. You see, lending corporations are real things that exist and are also heavily regulated. Believe it or not, there is no need, nor requirement to be a bank to give out loans. It just means you have to get the money you are going to lend out to people from somewhere besides customer bank deposits. In this case, SoFi investors supply the money the company lends out. At this stage, …

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Credit Karma Accuracy

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Credit Karma has made waves in the financial industry by offering both free credit scores and free credit monitoring to its customers. At first, a lot of people were worried that Credit Karma is a scam. But, after an in-depth Credit Karma review, it seems that the company is legit. However, it is important to understand just what it is that they offer. Credit Karma vs FICO To understand whether Credit Karma scores are accurate, you first have to understand what credit scores are and where they come from. First, a credit score is nothing more than a number calculated from information in a person’s credit report. The idea behind a credit score is to determine algorithmically how good of a credit risk someone is without actually having to read through the details of a lengthy credit report. The resulting number is only as good as the math that created it. The more statistically accurate the number is, the better the score is. However, in the real world, there is really only one credit score that matters. Fair Issaac was the first company to popularize the concept of a credit score. Over the years, it has demonstrated that its credit …

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Are Credit Unions Better Than Banks?

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Credit unions and banks are both financial institutions that offer similar services such as checking accounts, savings accounts, loans, and credit cards. However, there are some key differences between the two that make credit unions a better choice for many people. Regulatory Foundations: A Brief Background Before diving into the direct benefits, it’s essential to understand the foundational differences between these two types of financial institutions. Banks are for-profit organizations owned by shareholders. They aim to generate profits to increase shareholder value. In contrast, credit unions are not-for-profit financial cooperatives that are owned by their members. The primary goal is to serve those members rather than generating a profit for external shareholders. Regulatory Environment The regulatory environment also varies. Banks are usually regulated by a mix of state and federal agencies such as the Federal Reserve and the Office of the Comptroller of the Currency (OCC), whereas credit unions are overseen by the National Credit Union Administration (NCUA). Each comes with its own set of rules and customers. Credit Union Ownership Credit unions are not-for-profit organizations that are owned by their members. This means that they don’t have to pay dividends to shareholders or generate profits for investors. Instead, they …

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